The new suite of agreements includes substantial upfront payment by year end, followed by five-year recurring subscriptions. The Czech Association of Insurers underwrite 98% of the total premiums in the Czech Republic. This multi-license contract with the major insurers in the market will provide critical access to flood hazard maps, high-resolution 3D data, and analytics across the industry. Intermap's cloud-based software will be integrated seamlessly into the insurers' workflows, streamlining analytics and geocoding capabilities and providing a comprehensive evaluation of flood risk that insurers will use to underwrite property.
As evidenced by recent storms such as Hurricane Ian in Florida as well as historic flooding in Pakistan and Australia, the insurance industry is grappling with the devastating effects of record natural catastrophes. Underwriters have discovered that their traditional methods of risk assessment are insufficient. Intermap's innovative solutions are invaluable tools as providers recalibrate their risk profiles. Existing customers continue to expand their contracts and grow their utilization while the demand from new customers continues to increase. In September 2022, Intermap's U.S. insurance software solution, InsitePro, generated its largest monthly revenue results ever. On a run-rate basis, this contract is expected to add 21% growth to monthly recurring revenue.
"With historic flooding around the world, the need for climate resilience is irrefutable and urgent," said Patrick A. Blott, Intermap Chairman and CEO. "From Florida to Croatia, recent flooding has been catastrophic. Insurance providers are now preparing for the future by repricing risk and subscribing to Intermap's global solutions, including our cloud-based software and precision flood hazard maps."
The Czech Republic insurance industry was valued at USD $7.9 billion in 2021. The industry is forecasted to grow at a CAGR of 6.5% from 2021 to 2026, reaching USD $11 billion in 2026 ( source).
Learn more about Intermap's European offerings visit intermap.com/european-solutions.
Certain information provided in this news release, specifically the total contract, monthly recurring revenue and industry values and growth, constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap's 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world's largest collection of multi-sensor global elevation data, the Company's collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap's products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
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SOURCE Intermap Technologies Corporation
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